Economic Theories
Most economic theories assume there is only one income stream to a household; this a useful simplification for modeling, but does not necessarily reflect reality. Many households now include multiple income-earning members.
Read more about this topic: Household
Famous quotes containing the words economic and/or theories:
“The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.”
—John Kenneth Galbraith (b. 1908)
“Whatever practical people may say, this world is, after all, absolutely governed by ideas, and very often by the wildest and most hypothetical ideas. It is a matter of the very greatest importance that our theories of things that seem a long way apart from our daily lives, should be as far as possible true, and as far as possible removed from error.”
—Thomas Henry Huxley (1825–95)